The Fair Share Report
53 Colt Rd
Summit, NJ 07901
The town corrects for market drift once a year — but only on average. This report measures whether this house drifted with the herd or away from it.
This home's full record →Check another house →
Step 1 · Market value
Likely range $2,724,758 – $3,791,871, from 12 comparable Summit sales in the past 18 months (home size estimated from assessor data — range widened).
Step 2 · The Director's Ratio
The state's official measure of how far Summit assessments sit below market value — republished every October, applied town-wide. A $3,353,318 home should be assessed near $1,033,157.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $99,057 below what the ratio math suggests (9.6%).
Step 4 · The tax rate — same for every Summit home
$2.335 Schools · 52% $1.092 County · 24% $1.043 Town · 23%
Summit also levies a Special Improvement District charge inside its district boundaries — the county roll doesn't say which homes are in it, but a bill's "IMPROVEMENT DISTRICT" line does. District homes pay $4.654 per $100 all-in (+$0.184).
Step 5 · The bill
This home vs. every recent Summit sale · assessed ÷ market
16%41%
Paying about right
This home's ratio lands inside Summit's normal band. The drift hasn't singled it out — no case for a tax appeal.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 30 WILDWOOD LANE | 2026-01 | $3,250,000 | 4,391 | 34.5% |
| 58 PROSPECT HILL AVE | 2025-11 | $3,780,000 | 4,275 | 28.4% |
| 60 LENOX RD | 2025-07 | $3,400,000 | 4,207 | 26.6% |
| 10 TEMPLAR WAY | 2025-08 | $2,700,000 | 4,924 | 27.5% |
| 12 CEDRIC RD | 2026-01 | $2,800,000 | 4,567 | 25.2% |
| 100 LARNED RD | 2025-11 | $3,200,000 | 3,821 | 21.5% |
| 74 WHITTREDGE RD | 2025-08 | $4,000,000 | 4,513 | 24.6% |
| 23 ARGYLE CT | 2026-05 | $2,895,000 | 4,143 | 33.2% |
| 231 OAK RIDGE AVE | 2025-07 | $3,150,000 | 4,866 | 27.5% |
| 57 PROSPECT HILL AVE | 2025-09 | $4,600,000 | 4,885 | 26.5% |
| 115 BEECHWOOD RD | 2025-11 | $3,175,000 | 4,798 | 26.2% |
| 115 BEECHWOOD RD | 2025-06 | $3,200,000 | 4,798 | 26.0% |
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